USD/JPY : Elections in Japan lead to the resumption of the uptrend
--- New analysis ---
Elections in Japan of December 16th give as winner the right political party who is for a new monetary easing without any limits with an objective of inflation at 2 or 3%.
This led to a strong bullish rally on the pair USD/JPY who got back above 80, giving us a buy signal. Currently, the price is testing the next resistance at 81 and just got out of its medium term bullish channel (black lines) from the top (after a false exit from the bottom).
We advise to trade only long positions as far as 80.20 is support. The breakout of 81 will give a new buy signal and will open the way towards 81.50 and 82 in extension.
In case of return below 80.20, we will be neutral between this level and 79.76 (level of the lower band of the channel).
Analysis published by Bruno, the 11/15/2012 at 8h45 GMT+2
Chart of the pair USD/JPY - Timeframe 4H
Chart of the pair USD/JPY - Timeframe 1H
|USD/JPY Live Chart - Timeframe : 4h|
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